Letteratura scientifica selezionata sul tema "Environmental shareholder activism"

This article discusses the rising trend of shareholder activism in Europe. It summarizes the empirical evidence on different levels of shareholder activism across the world and offers three potential explanations for the higher level of shareholder activism in the US compared to continental Europe. First, the omnipresence of controlling shareholders in continental Europe could explain why shareholder activism is relatively less common. Secondly, higher levels of some types of shareholder activism environmental, social and governance (such as ESG shareholder activism) in the US can be explained by differences in corporate laws, in particular the relatively low thresholds to file shareholder proposals in the US. On the other hand, higher levels other types of shareholder activism (such as hedge fund activism) are more difficult to explain by differences in corporate law between the US and continental Europe. Third, more activist-friendly securities laws in the US could also explain why shareholder activism is relatively more common in the US than in continental Europe. Because these three explanatory factors are unlikely to change soon, the article concludes that the rising trend of shareholder activism in Europe is unlikely to reach American levels. shareholder activism, engagement, ESG activism, comparative company law

This study investigated the nature of institutional shareholder activism in South Africa with a particular focus on proxy voting as a public form of shareholder discontent. A total of 24 510 votes cast by 17 local investment managementcompanies in 2013 were analysed. Interviews were also conducted with selected investment managers to gain more insight into the proxy voting process at their companies. Based on this data, it was concluded that investment managers preferred to engage with investee companies in private and viewed proxy voting as the last link in the shareholder activism chain. As a result, only 6.6 per cent of all votes were ‘against’ resolutions tabled by 347 JSE-listed companies in 2013. Resolutions regarding shareholders’ endorsement of companies’ remuneration policies; the election and re-election of directors, particularly those serving on audit committees; and the issuance of ordinary shares elicited the most opposition. Companies that were excluded from the JSE’s Socially Responsible Investment Index in 2013 attracted significantly more oppositionthan their counterparts who were included in the index when seeking shareholder approval on the election and re-election of directors and the placing of shares under the control of directors. The same applied to companies that had low environmental, social and governance disclosure scores in 2013 as regards the issuance of shares. It is recommended, amongst others, that shareholder activism in South Africa be promoted by enhancing investor education and effecting some regulatory changes.

The paper’s prime objective is to understand the impact of Shareholder activism on firm performance. This study is conducted in a unique setup where traditional activist investors such as pension funds and hedge funds are not present. However, the activism cases are increasing yearly in an emerging economy like India. We have created a comprehensive shareholder activism index (sha index) using multiple activisms and corporate governance factors. To measure firm performance, we have used valuation (Tobin’s Q and Market capitalization), profitability (operating profit margin and net profit margin), and return ratios (Return on capital and return on equity). Panel data analysis (PDA) is employed for the current study as it overcomes the shortcomings of the time series analysis and cross-sectional studies. The sample comprises 37 listed firms’ data for FY2017 to FY2020. Chosen firms have experienced activism instances at least once during the 2017–2020 period. As per our analysis, shareholder activism has a significant negative impact on valuation measured in market capitalization and profitability estimated by operating profit margin. Activism primarily impacts the other four parameters negatively, but it is insignificant. India is in the nascent stage of activism, partly explaining the insignificance of the effects of shareholder activism on firm performance. Also, activist investors are targeting companies. These attacks are not fructifying desired outcomes as promoters own over 50% stake in the listed companies. The latest data for FY2021 has not been considered for the study as covid-19 impacted the businesses during the financial year. Also, we cannot capture activism instances that are not reported in regulatory filings. Unlike past research in this area, we have used a comprehensive activism index as a proxy of activism and have employed PDA instead of event studies to assess the impact on firm performance. Also, this is the first such empirical study conducted in an emerging economy setup where neither large hedge nor pension funds are present.

Shareholder activism in France has made significant advances during the past 25 years even as it continues to face formidable sources of local resistance. But if the list of corporate governance improvements since 1989 described by the authors might lead one to conclude that France now has minority shareholder protection and shareholder activism comparable to those of the U.S. or U.K., powerful local interests, including much of French management, labor, and government, continue to mount effective resistance to such forces for change. The French government still works closely with French business elites and unions to manage both individual companies and the general economy. And government officials continue to speak publicly of “protecting” French firms from “illegitimate” foreign shareholders.Accordingly, the authors characterize French corporate governance as a “hybrid” model of shareholder activism, one that incorporates the perspectives and interests of the classic French stakeholder model as well as an emerging shareholder value movement. Although foreign institutional investors have increased their shareholdings in French companies and promoted “best practice” governance rules, particularly with respect to voting rights, local forces will continue to resist aggressive shareholder activism. Such a hybrid model makes the outcomes of shareholder activism less predictable, a risk that foreign investors and companies often respond to by seeking alliances with local proxy advisers and investor associations to gain “legitimacy.”

Socially oriented shareholder activism is an increasingly important mechanism through which social movement organizations seek to influence the private sector by exerting pressure on corporate activities in areas such as human rights, environmental protection, and labor policies. This activism challenges the status quo of targeted firms and potentially their institutional field, disrupting “business as usual” and often drawing negative attention to the firms. We theorize that some firms might use corporate political activity (CPA) as an indirect, nonmarket strategy aimed at regulatory capture to reduce the impact of such disruptions. We focus on one popular avenue of shareholder activism—the proxy proposal mechanism—and the role the Securities and Exchange Commission (SEC) plays in allowing omission of socially oriented shareholder proposals from the proxy ballot. Using two distinct data sources, we find evidence that for S&P 500 firms, the SEC allows for the omission of the proposals from proxy ballots more frequently for those firms more active in CPA. These findings inform the growing scholarship on socially oriented activism as well as suggest the indirect influence of CPA on government agency decision making.

Do governmental investors such as sovereign wealth funds (‘SWFs’) have a legal duty to protect the natural environment for future generations? After providing a background on SWFs, the paper examines the relevant international law paradigms, with a particular focus on the concept of intergenerational equity – the notion that the state must preserve access to environmental resources for future generations. The article asserts that SWFs, as state actors, have a legal responsibility under international treaties and customary international law, as well as the evolving rules on complicity in international jurisprudence and general principles of international human rights law (which the author posits form the basis for intergenerational equity and environmental rights), to adopt environmental intergenerational equity as an overarching investment policy and implement the principle through shareholder activism and ESG screening. Sovereign Wealth Funds, intergenerational equity, international law, international environmental law, human rights law, shareholder activism, ESG screening

Purpose: The appeal of the Rational Apathy Theory lies in the fact that it is not only a descriptive theory of shareholder behaviour in the modern public firm but also a powerful normative tool which recommends itself to corporate legislators and policymakers. True to their normative logic, proponents of apathy contend that since shareholders of modern public firms will never find it cost-efficient or incentivized to perform their monitoring responsibilities over corporate management, insisting on a shareholder-oriented corporate governance model is undesirable. This article rejects the determinism and immutability of the above thesis and argues that firm investors will embrace activism where the cost of corporate monitoring is reduced, and the benefits of doing so are increased. Given the ability of the internet to reduce monitoring costs for shareholders (predominantly minority shareholders) in public companies, the article campaigns for minority shareholder electronic participation in corporate governance and proposes a careful reform of corporate law and governance in post-covid Nigeria, drawing inspiration from similar reforms on electronic governance in Canada, UK, and the State of Delaware in the US. In a society where digitalization has been identified as a major catalyst for the economic revival of commercial and corporate life, this article recommends itself to policy and lawmakers, corporate boards, corporate law experts, legislators, regulators, and other relevant stakeholders.Methodology: The article adopts doctrinal and comparative methods of legal analysis.Results/Findings: The article finds that while the Rational Apathy Theory may have served the analogue world, it is unsuitable for a digital generation, where issues of cost, communication and participation could be liberalized, through the use of the internet, to serve the interest of shareholder democracy in public companies.

La thèse comprend 3 essais empiriques examinant les impacts de la PE sur la valeur de l'entreprise. D'une part, point de vue des économistes néoclassiques, l'investissement dans l'engagement environnemental est considéré comme une déviation de la responsabilité sociale fondamentale de la maximisation du profit. D'autre part, point de vue fondé sur les ressources naturelles, l'investissement dans PE peut améliorer les PF de l'entreprise. 1 chapitre explique comment les PE ont un impact sur la valeur de l'entreprise, en soulignant le rôle des différentes parties prenantes dans cette relation. Il nous conduit spécifiquement à la question principale de la recherche, à savoir la relation supposée entre les pratiques environnementales des entreprises orientées vers les parties prenantes et la valeur globale de l'entreprise. 2 chapitre examine le rôle médiateur de la PE dans la relation entre les politiques environnementales nationales et la valeur de l'entreprise. En utilisant les données de 2014 de l'Environmental Performance Index, DataStream et Trucost, nous avons analysé un échantillon de 4681 observations afin d'évaluer la relation entre les politiques nationales en matière de carbone et leur impact sur la valeur. En effectuant le GSEM, nous avons trouvé une relation indirecte positive entre les politiques de carbone des pays et la valeur de l'entreprise. Cela indique que les politiques nationales en matière de carbone améliorent la PE des entreprises, ce qui se traduit en fin de compte par une amélioration de la valeur de l'entreprise. Cela démontre que les politiques nationales en matière de carbone améliorent non seulement les pratiques environnementales des entreprises, mais aussi leur valeur globale. Cette relation s'explique par trois canaux différents, à savoir le canal de la marche par la réduction des émissions de carbone, le canal de la discussion par la divulgation accrue des émissions de carbone et le canal de la marche puis de la discussion par la combinaison de la réduction des émissions et de l'augmentation de la divulgation.Dans 3eme chapitre, nous examinons le rôle de la sensibilisation des consommateurs à l'environnement en tant que facteur préjudiciable à l'amélioration de la performance environnementale des entreprises, puis nous étudions son effet modérateur sur la performance environnementale des entreprises. En utilisant les données sur la sensibilisation à l'environnement de Greendex et les données environnementales et financières de Thomson Reuters Asset4, nous avons effectué une régression (MCO) sur 5697 observations d'un échantillon de 1139 entreprises de 18 pays, et nous avons constaté un impact modérateur négatif de la sensibilisation des consommateurs à l'environnement sur la PE des entreprises. Nos résultats ont démontré un impact direct positif de la sensibilisation des consommateurs à l'environnement sur les PE et PF des entreprises. Toutefois, nous avons constaté un lien indirect négatif entre la PE et PF, modéré par la conscience environnementale des consommateurs. Cela s'explique principalement par deux facteurs importants. 1ere, dans les pays où la sensibilisation des consommateurs à l'environnement est élevée, les consommateurs sont plus exigeants envers les entreprises et même les entreprises très performantes sur le plan environnemental ne répondent pas aux attentes des consommateurs. 2eme, l'évaluation de la PE dans ces pays relève principalement du portefeuille des gouvernements et des institutions et les consommateurs se fient à ce qui leur est transmis par ces derniers. 4eme chapitre examine la relation entre l'activisme environnemental des actionnaires et la PF, c'est-à-dire la valeur de l'entreprise. En utilisant les données sur l'EP de Thomson Reuters Asset4 et les données sur l'activisme environnemental des actionnaires (ESA) de 2281 observations d'Institutional Shareholder Services, nous constatons un lien positif EP-FP, modéré par l'activisme environnemental des actionnaires
The dissertation comprises of three empirical essays examining the impacts of EP on firm value. We capitalize from a vast body of existing knowledge on environmental performance. On the one hand, based on neoclassical economists' view, investing in environmental engagement is considered as a deviation from the fundamental social responsibility of profit maximization (Friedman, 1970). On the other hand, in line with the propositions of natural resource based view (Cohen et al. 1995; Song et al., 2017; Shabbir and Wisdom; 2020), investing in environmental engagement may improve financial performance of firm. The 1st chapter explains how EP have an impact on firm value, highlighting the role of various stakeholders in this relationship. It specifically leads us to the main research question about the assumed relationship between the stakeholders' oriented environmental practices of firms and overall firm value. The second chapter discusses the mediating role of EP in the relationship between country-level environmental policies and firm value. Utilizing data of 2014 from Environmental Performance Index, DataStream and Trucost, we analyzed a sample of 4,681 observations to assess the relationship between country level carbon policies and its impacts on the firm value. Performing GSEM, we found a positive indirect relationship between countries' carbon policies and firm value. It indicates that countries' carbon policies improve firms' EP, which ultimately translates into improved firm value. This demonstrates that country-level carbon policies not only improve the environmental practices of firms but also overall firm value. This relationship is explained by three different channels i.e. “walk-channel” through decreased carbon emission, “talk-channel” through increased carbon disclosure, and “walk-then-talk” channel through a combination of both decreased emission and increased disclosure.In the 3rd chapter, we discuss the role of consumer environmental awareness as a detrimental factor of improved EP of firm and then examine its moderating impact on firms' FP. Using data on environmental awareness from Greendex, and environmental and financial data from Thomson Reuters Asset4, we performed (OLS) regression on 5,697 observations consisting of a sample of 1,139 firms from 18 countries, we find a negative moderating impact of consumer environmental awareness on the FP of companies. Our results demonstrated a positive direct impact of consumer environmental awareness on firms' environmental and financial performance. However, we came across a negative indirect EP-FP link as moderated through consumers' environmental consciousness. This is primarily because of two important factors. Firstly, in countries with high consumer environmental awareness, consumers are demanding more from companies and even environmentally high performing companies do not meet the expectations of consumers. Secondly, assessment of EP in these countries is majorly the portfolio of governments and institutions and consumers rely on what is propagated to them by these (Xiao et al, 2018). Thirdly, along with environmental awareness, consumers are also price conscious that leads them to overlook environmental variables while making a purchase decision hence impacting the overall firm value.4th chapter delves into examining the relationship between environmental shareholder activism on the financial performance, i.e. firm value Using data on EP from Thomson Reuters Asset4 and environmental shareholder activism (ESA) data of 2,281 observations from Institutional Shareholder Services (ISS), we find a positive EP-FP link as moderated through environmental shareholder activism. Overall, if high carbon intensity of firms is detrimental to their financial performance, we find that the role of country level carbon policies, consumers' environmental consciousness, and environmental shareholder activism have their mediating and moderating impacts on this relationship

Els accionistes sempre han estat fonamentals per entendre un negoci. I ho continuen essent avui. Tanmateix, suposar que una empresa s’ha de dirigir només per satisfer les demandes dels accionistes, i que aquests accionistes estan preocupats només per maximitzar els seus beneficis econòmics, resulta problemàtic, davant de les nombroses exigències que tant aquests accionistes com d’altres stakeholders plantegen a les empreses. En una època en què temes com el canvi climàtic i la distància creixent entre els rics i els pobres s’estan convertint en preocupacions urgents per a la societat, el paper de les empreses, les seves finalitats i les seves pràctiques s’estan qüestionant tant en l’àmbit públic, com en el privat i en l’acadèmic. La inversió responsable, els diversos tipus d’inversors, les iniciatives multistakeholder, les comunitats, les campanyes d’activisme i una varietat creixent de stakeholders plantegen múltiples i diverses demandes a les empreses, que van més enllà dels interessos econòmics. Aquesta tesi adopta la perspectiva del repte que suposa per a les empreses que es qüestionin els supòsits en què es fonamenta la seva naturalesa. Hi ha accionistes que s’impliquen en la gestió corporativa de les problemàtiques socials, mediambientals i ètiques, com els drets humans o la degradació de l’entorn. En aquest estudi, s’analitza empíricament i conceptualment aquesta “implicació de l’accionista” (shareholder engagement), que és un fenomen cada vegada més rellevant en la pràctica corporativa i en l’activitat investigadora. Oferim una nova perspectiva de la implicació de l’accionista, que identifica la seva naturalesa política i ètica. D’aquesta manera, participem i contribuïm a la literatura sobre govern corporatiu, inversió responsable, activisme social i ètica empresarial, i obrim noves vies per a la recerca futura.
Los accionistas siempre han sido fundamentales para entender un negocio. Y lo siguen siendo hoy. Sin embargo, suponer que una empresa ha de ser dirigida únicamente para satisfacer las demandas de los accionistas, y que dichos accionistas están preocupados únicamente por maximizar sus beneficios económicos, resulta problemático, a la luz de las numerosas exigencias que plantean a las empresas tanto los accionistas como otros stakeholders. En un tiempo en que determinados temas, como el cambio climático y la distancia creciente entre ricos y pobres, se están convirtiendo en preocupaciones acuciantes para la sociedad, el papel de las empresas, sus fines y sus prácticas están siendo cuestionados en los ámbitos público, privado y académico. La inversión responsable, los diversos tipos de inversores, las iniciativas multistakeholder, las comunidades, las campañas de activismo y la gran variedad de stakeholders han planteado múltiples y diversas demandas a las empresas, que van más allá de los intereses económicos. Esta tesis adopta la perspectiva del reto que supone para las empresas el cuestionamiento de las asunciones en que se fundamenta su naturaleza. Hay accionistas que se implican en la gestión corporativa de las preocupaciones sociales, medioambientales y éticas, como los derechos humanos o la degradación del entorno. En este estudio, se analiza empíricamente y conceptualmente esta “implicación del accionista” (shareholder engagement), pues es un fenómeno cada vez más relevante en la práctica corporativa y en la actividad investigadora. Ofrecemos una nueva perspectiva de la implicación del accionista, que identifica su naturaleza política y ética. De este modo, participamos y contribuimos a la literatura sobre gobierno corporativo, inversión responsable, activismo social y ética empresarial, y abrimos nuevas vías para la investigación futura.
Shareholders have always been fundamental to an understanding of the corporation. The same is true today. However, the assumptions that the firm should be run to meet only the demands of shareholders, and that those shareholders are concerned only about the maximization of financial returns, are problematic in light of the multitude of demands placed on corporations by both shareholders and other stakeholders. At a time when issues such as climate change and the widening gap between rich and poor have become pressing societal concerns, the role of business, its purposes and its practices have been challenged in the public, private, and academic spheres. Responsible investment, diverse investor types, multi-stakeholder initiatives, communities, activist campaigns, and a variety of other stakeholders have resulted in multiple and diverse demands on the company which go well beyond financial interests. This thesis takes the perspective of one such challenge to the fundamental assumptions about the nature of the firm: shareholders who actively engage with corporate management on issues of social, environmental, and ethical concern such as human rights or environmental degradation. This ‘social shareholder engagement’, an increasingly relevant phenomenon in practice and research, is explored here both empirically and conceptually. I provide a new perspective on social shareholder engagement, which identifies the political and ethical nature of these actions. In this way I engage with and contribute to the corporate governance, responsible investment, social activism and business ethics literatures and open a number of future avenues for research.

The Oxford Handbook of Corporate Social Responsibility is a review of the academic research that has both prompted, and responded to, the issues of Corporate Social Responsibility (CSR). Business schools, the media, the corporate sector, governments, and non-governmental organizations have all begun to pay more attention to these issues in recent years. These issues encompass broad questions about the changing relationship between business, society and government, environmental issues, corporate governance, the social and ethical dimensions of management, globalization, stakeholder debates, shareholder and consumer activism, changing political systems and values, and the ways in which corporations can respond to new social imperatives. The book, which provides clear thinking and new perspectives on CSR and the debates around it, is divided into seven key sections: introduction; perspectives on CSR; critiques of CSR; actors and drivers; managing CSR; CSR in a global context; future perspectives and conclusions.

Stock-market-driven short-termism is crippling the US economy, according to legal, judicial, and media thinking. Firms forgo the R&D they need, cut capital spending, and buy back their own stock so feverishly that they starve themselves of cash. The stock market is the primary cause: directors and managers cannot manage for the long-term when their shareholders furiously trade their companies’ stocks, they cannot invest enough when stockholders demand rising quarterly profits, they must slash R&D when investors demand that precious cash be used to buy back stock, and they cannot even strategize about the long-term when shareholder activists demand immediate results. The stock market’s short-termism is also blamed for environmental degradation, for contributing to global warming, and for employee mistreatment. This book shows, however, that the purported ills emanating from stock-market short-termism are either not shown, likely to minor, demonstrably false, or due to other pernicious economic causes. The social costs attributed to corporate short-termsim—environmental degradation, mistreatment of stakeholders, riaking climate catastrophe—emanate more from selfishness than from distorted time horizons, as we shall see. Moreover, public and policymaker obsession with stock-market short-termism as upsetting the economy and settled arrangements is explained more by dissatisfaction with the rapidity of technological change, the increasing uncertainty and instability of the workplace, and a dissatisfaction with overall economic arrangements. Lawmakers and pundits can readily miss more likely causes of the underlying issues—like how best to push forward US R&D—by mistakenly aiming at stock-market short-termism. After considering what the evidence tells us, we consider what political and social reasons could explain the issue’s prominence.

Against a backdrop of corporate scandal, business leaders can no longer rely on the old-fashioned style of one-sided community relations programs to promote a good image. Nor can they expect preferential treatment just because they meet their tax obligations. Pressure from all sides is forcing corporate leaders to increase their investments in the communities they serve and redefining their relationships with key stakeholder groups, including employees, suppliers, governing boards, shareholders, and the press. Safeguarding the environment, supporting human rights, eliminating child labor, entering into partnerships with nonprofit organizations, solving community problems, opening up financial reports to scrutiny, consulting with community residents, and contributing to local charities are now essential elements of corporate character. Managing a Company in an Activist World takes the discussion of corporate citizenship to a new practical level, offering business leaders answers to such tough questions as: What do our stakeholders value most? How can we respond to a growing number of formal compliances and informal demands? How do we most effectively communicate our role as a good corporate citizen? And, perhaps most importantly, how can we shake off inertia, public skepticism, and short-term focus to make corporate citizenship a priority without sacrificing growth and profits? Illustrating the depth and breadth of the issues through a variety of in-depth examples—from Jesse Jackson's threatened boycott of Anheuser-Busch to rural Virginians' uprising against Disney's proposed theme park to energy giant BC Hydro's successful response to environmentalists' concerns—Burke demonstrates how community involvement can influence corporate strategy to everyone's net benefit. He goes on to outline specific strategies that corporate leaders can employ to shake off inertia, public skepticism, and short-term focus to make corporate citizenship a priority without sacrificing growth and profits.

AbstractThe new economy challenges companies to identify ways to generate positive social and environmental impact through their activities so that a corporation’s purpose lies in not only making a profit for the shareholders but also adding value to its stakeholders. The article addresses the economic legal concepts by looking at the impact of economic activity on the collective and sets out the legal principles, grounds, and limits of application to concrete cases. An overview of social enterprises in Brazil is presented, considering the particularities of the national context and the absence of a specific legal format. Through legislation, the proposal to create the qualification of benefit corporations is laid out as a useful and ready-to-use tool to foster entrepreneurial initiatives. Additionally, capital market self-regulation is explored, as a measure aligned with sustainable development.

Abstract When it comes to activists influencing the management agendas of companies, there are generally two types. “Social activists” are primarily concerned with influencing a firm’s ESG (environmental, social, and governance) agenda, whereas “financial activists” principally focus on creating greater returns to a firm’s shareholders. This chapter addresses the approaches and impacts of financial activists and offers a process for management to effectively address shareholder activism should a financial activist take a stake in their company. Topics covered include the growth and impact of activism across the globe, pros and cons of activist investors, company factors that attract financial activists, activist investor aims and tactics, and a shareholder activism decision tree to assist public company leaders in developing an effective response to shareholder activism.

The unique features of Brazilian State capitalism include (a) a combination of governmental control of traditional SOEs, with the same SOEs being minority shareholders in a large number of supposedly private corporations, and (b) the noticeable exercise of shareholder activism by State-controlled institutional investors both in private and public companies. SOEs experience a clear conflict between the social and political objectives of the government as a controlling shareholder, on one hand, and the interests of minority investors, on the other. Government control over banks has also led to a significant influence of political considerations over firms’ decisions. The creeping influence of the State and public officials has been responsible for the main public corruption scandals of the last decade. The quasi-fiscal activities of these SOEs have had various side effects, including imposing significant costs on the SOEs themselves, suppressing demand for alternative competing products, reducing incentives for improving efficiency, and increasing environmental costs.

The fast fashion industry, known for its rapid production and affordability, has gained prominence in recent years but also faces growing scrutiny due to its adverse social impacts and significant contribution to waste, pollution, and emissions, exacerbating the triple planetary crisis. The discussion reveals the multifaceted factors influencing CSR engagement, from stakeholder activism to consumer awareness and shareholder pressure. While CSR promises to address societal and environmental issues, challenges related to cost-efficiency and regulatory frameworks hinder its widespread adoption. Lastly, this article explores the complex relationship between CSR actions and strategic tax behavior within the fast fashion industry, focusing on developing countries. It examines four key theoretical perspectives: Shareholder Theory, Stakeholder Theories, Legitimacy-Based Theories, and Political Cost Theory. The research reveals the multifaceted motivations and challenges fast fashion companies face in engaging with CSR and the impact of taxation strategies on their CSR initiatives. Furthermore, it highlights the significance of stakeholder activism, consumer awareness, regulatory environments, and competitive landscapes in shaping CSR practices within this industry. The study underscores the need for a nuanced understanding of CSR and taxation in the fast fashion industry's context, emphasizing the pivotal role of ethical considerations, societal norms, and political dynamics

Consumer groups, employee forums, and non-governmental organizations (NGOs) are also increasingly being recognized as powerful influences over corporate activities and Chapter 18 describes the work of NGOs in aligning corporate with social and environmental purposes. Historically, the relationship between corporations and NGOs has been antagonistic. However, increasingly corporations and NGOs are working in partnership to achieve common goals. The role of NGOs in influencing corporate activities is not restricted to such partnerships. They have been adopting activist campaigns to achieve desired outcomes in a form that is not dissimilar to those of institutional investors. These campaigns have often been seen by companies to be shareholder-value destroying but this is by no means always the case and NGO campaigns can be mutually beneficial for firms as well as society. NGOs can bring knowledge of a local community or a technical and legal expertise nature that firms may lack. They execute projects in common with companies, set agendas for various constituencies, exchange complementary knowledge in diverse areas, and provide access to networks.

Abstract The US financial sector has acquired immense market and political power. Its rents raise the incomes of executives and shareholders while depressing productive investment and wages in other sectors. The financial industry is to the American economy roughly what the natural resource sector is to Russia: a massive source of rents and inequality that blocks opportunities for broadly distributed economic growth. Although financial markets are essential to a market economy, beyond a given threshold their development can hamper productive activity and deepen economic inequality. The United States has passed that point as a result of a series of policy decisions deregulating finance and rewarding unproductive financial activity. The rents the industry has extracted from manipulating the policy environment have enabled its shareholders and executives to appropriate a growing share of national income for themselves.

A central debate in corporate social responsibility (CSR) research is whether CSR hurt or help shareholders. Our study suggests that this paradoxical tension between social and competitive activities of firms is a manageable resource-allocation decision. By disaggregating competitive activity into its different forms – intensity and complexity – we develop a model that explains how firms can alleviate the resource allocation tension to improve performance. High CSR firms can enhance short-term performance by reconfiguring its resource base and reducing competitive intensity – the frequency of competitive actions. Alternatively, they can increase long-term performance by transforming its resource base and increasing competitive complexity – the variety and novelty of competitive actions. Overall, our empirical findings suggest that the positive effect of CSR on firm performance is conditional on firms’ ability to adjust the intensity and complexity of their competitive activity. Our results are robust across competitive environments with different levels of competitive pressure.

Ethics or rather its lack in finances it is a very popular topic nowadays. Banks have an important role in the economy and must have a certain behaviour towards the society, therefore must follow the moral norms. Each banker has his set of values, which form the basis for judging what is "right". All the commercial banks have their own set of rules inspired by organizational culture and management, rules that follow the Banking Code of Ethics. During their activity, banks will seek to ensure a balance between the interests of customers, shareholders, investors and stakeholders. The paper discloses the main trends and issues of banking ethics and the customers` experiences with the Romanian banks. Financial inclusion and ethical sustainability regarding the banking system is an important subject for researchers and bankers. Moreover, the lack of clear ethical norms regarding the manner of communicating the interests and commissions from the contract are affecting the customer relationship with the bank. The study aims to increase the attention paid to customer interests in relation with the banks and also the public confidence in the financial banking field, by standardizing the norms of integration and applied ethics of the country. An immoral behaviour destroys the trust, and without trust, businesses cannot grow. The purpose of the paper is to illustrate and correct the main dysfunctions in the banking sector regarding the ethical behaviour, how banks can adapt to the requirements of the society, how the Banking Code of Ethics can be improved. Confidence in the banking environment expresses the presumption of continued economic activity.

The main objective of the research is to improve the management of the transfer of managerial skills, with a projection on the Romanian economy. The main own contribution in this direction is the development of a methodology to approach the management of the transfer of managerial skills (MTMS) to assist decisionmakers by structuring decision-making problems, identifying the correspondences between the types of problems and the modeling methods and algorithms for solving them. The realization of this methodology requires several own contributions aimed at theoretical and practical aspects of the studied theme. At the microeconomic level, both theoretical research and empirical studies have highlighted certain objectives specific to each class of people involved in MTMS. The main objectives of the shareholders are to change the value of the shares and dividends as a result of the transfer of managerial skills (TMS). From the point of view of managers, their objectives consist in increasing the competitiveness of the organization, developing their own career and personal development, goals materialized from a quantitative point of view in changing the company's profit and personal net income. The objectives of the employees related to MTMS mainly refer to the improvement of the working environment and personal advancement possibilities. For organizations, TMS has the following main objectives: winning new markets, developing and perfecting products and services, attracting funding sources, increasing revenues, securing specialized human resources, diversifying activity, successfully implementing the organization's strategy, and increasing flexibility. This research study supports organizations and managers who wish to engage in a process of improving managerial skills through the transfer of specialist knowledge from organizational, personal or academic sources. The main contributions of the article consist in improving the management of the transfer of managerial skills by developing a methodology for approaching and solving decisionmaking problems according to their typology